Alterna Business Account Review: Is It Right For You?

Alterna, a Canadian-first bank and subsidiary of Alterna Savings, offers business chequings and savings options such as the Alterna Small Business Chequing Account and business savings offerings.

This review explores key features, fees, pros, and cons to help you decide if Alterna suits your needs, or whether alternative international-friendly options are a better fit for your business.

Alterna Review: Quick Overview

Product Details

Alterna provides quite a few chequing and savings accounts for businesses, allowing businesses of all sizes to choose what works for them. There are six chequing options: the Small Business Chequing Account (no monthly fee with a $3,000 minimum daily balance and unlimited electronic transactions), Business Basic, Business Value, Business Premium, Business Prestige, and Business Pay As You Go (no monthly fee, but you pay per transaction). These choices allow small businesses to select the account that best matches their transaction volume and cash-flow needs.

On the savings side, Alterna provides three options: the Business Savings Account with tiered interest rates, the Business Savings Account for high-interest digital savings and unlimited electronic transfers, and the Business US Dollar Savings Account for businesses that need to hold and manage funds in USD. In addition, Alterna also offers guaranteed investment certificates (GICs), deposit options, and cash management services.

Unique Features

Alterna differentiates itself by being a digital-first direct bank while still offering limited physical access through select branches and ATMs in Ontario. This hybrid approach appeals to business owners who want the conveniences of online banking and only occasionally need in-person service.

Beyond basic banking, Alterna provides a range of business-oriented features, including payment processing solutions through Alterna Savings Merchant Payment Solutions, partnerships with Global Payments for secure card and digital transactions, and cash management tools. While some advanced tools like batch payments or multi-user invoicing may be limited, these integrated services help small businesses manage payments, streamline operations, and handle customer transactions more efficiently.

Ease of Use

Alterna’s online platform and mobile app make managing business finances simple. Key features include mobile cheque deposits, real-time Interac e-Transfers for business, bill payments, and the ability to manage multiple accounts in one place. The app also includes security features like Touch ID, Face ID and customizable security alerts to keep accounts safe. That said, some users note that limited branch access can be a drawback if frequent cash deposits are needed.

Customer Service

Alterna has multiple channels for business support, including social media, Alterna Listens, secure chat, and phone support. The Business Contact Centre is available during the following hours:

• Monday to Friday: 8:00 a.m. – 8:00 p.m. ET
• Saturday and Sunday: 9:30 a.m. – 4:00 p.m. ET

While these channels are generally effective, Alterna is not available 24/7, and some users have reported slower response times for specific issues.

Alterna Fees

Alterna’s business accounts are generally low-cost, but there are several fees businesses should be aware of:

• Monthly fees: The Small Business Chequing account has no monthly fee if you maintain a $3,000 daily balance. Otherwise, a $5 monthly fee applies.¹ Other chequing accounts, such as Business Basic, Value, Premium, and Prestige, have monthly fees ranging from $6 to $25, depending on the package.
• Transaction fees: While electronic debit and credit transactions are often unlimited, certain accounts or excess transactions may incur additional charges.
• Cash and coin deposits: In-branch deposits may carry fees, especially for large volumes of cash or coins.
• Cheque and draft fees: Foreign currency drafts and official cheques are $7.50 each.² Non-member services and special items may cost more.
• International services: Incoming fees for wire transfers at $15, outgoing fees range from $30–$80.⁴ Foreign currency transactions and other cross-border services may apply.

While electronic transactions are mostly free, businesses that frequently handle cash, international payments, or special banking services should review the full fee schedule carefully to avoid unexpected charges.

Wise Business Could Help Your Company Save on Global Payments

Alterna Benefits and Considerations

What Are the Benefits of Alterna?

Alterna stands out as a cost-effective, digital-first solution for small businesses that can maintain a modest balance. With low monthly transaction fees compared to many other banks, Pay as You Go usage options, and unlimited electronic transactions, it’s an efficient choice for those who do most of their banking digitally. Add to that their flexible savings options, and you have a blend of accessible checking and growth potential for idle funds.

Furthermore, Alterna’s partial physical presence enhances its appeal for those who want both online convenience and occasional in-person service.

What Are the Challenges of Alterna?

Branch access is limited, particularly outside select Ontario regions, which may be a drawback if you need frequent in-person support or deposit cash regularly.

The fee structure for international services is not clearly outlined, either. If you regularly engage in cross-border transactions, hidden costs could emerge. Finally, Alterna’s business offerings aren’t the most cohesive or user-friendly for modern users.

Is Alterna the Best Choice?

Alterna offers a compelling, budget-friendly banking option for small businesses that maintain a steady balance and primarily operate via electronic transactions. Its no-fee chequing, competitive savings rates, and digital-first convenience make it a solid pick, especially for Ontario-based businesses comfortable with limited physical access.

However, if your business requires international payments, multi-functionality, or frequent cash deposits, it’s worth comparing Alterna with alternatives like Wise for cross-border ease or traditional banks for infrastructure.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

FAQ

Is Alterna available across Canada?

Alterna is a digital-first bank, so most services are available across Canada. That said, physical branches and ATM access are limited to Ontario.

Does Alterna charge monthly fees for business accounts?

Yes. Alterna offers six chequing options, including the Small Business Chequing Account (no monthly fee if you keep a $3,000 daily balance, with unlimited electronic transactions). However, there is also the Pay-As-You-Go option, with no monthly fee but per-transaction charges. Other business accounts carry monthly fees of $10–$100.

Can Alterna support international payments?

Alterna does offer wire transfers, with incoming fees of $15 and outgoing fees ranging from $30–$80. Foreign currency drafts and other cross-border services may incur additional costs.

Who is Alterna best suited for?

Alterna works well for small businesses that primarily operate within Canada, conduct transactions electronically, and value low-fee savings options. If your business is growing internationally or you rely on cross-border payments, Alterna may not be the best option for your needs.

Sources:

1. Small Business | Alterna Bank
2. Business Service Fees | Alterna Bank
3. Alterna Savings Review | Trustpilot
4. Business Service Fees | Alterna Savings